Continental AG
| foundation = 1871 | location = Hanover, Germany | key_people = Elmar Degenhart (CEO and Chairman of the executive board), Wolfgang Reitzle (Chairman of the supervisory board) | industry = Auto and Truck parts | revenue = €30.5 billion (2011) | operating_income = €2.597 billion (2011) | net_income = €1.242 billion (2011) | equity = €7.543 billion (end 2011) | num_employees = ca. 164,000 (end 2011) | products = Tires, brake systems, automotive safety and communications systems | homepage = | intl = yes }} Continental AG, internally often called Conti for short, is a German auto and truck parts manufacturing company specialized in tires, brake systems, vehicle stability control systems, engine injection systems, tachographs and other parts for the automotive and transport industries. Continental is based in Hanover, Lower Saxony, Germany. Continental is the world's 4th largest tire manufacturer after Bridgestone, Michelin and Goodyear. Continental was founded in 1871 as a rubber manufacturer, Continental-Caoutchouc und Gutta-Percha Compagnie. After acquiring Siemens VDO, Continental has become one of the top five automotive suppliers in the world. Continental is a member of the DAX, the top 30 index of the German stock exchange. Overview Continental is structured in six divisions: * Chassis & Safety * Powertrain * Interior * Passenger car & Light Truck Tires * Commercial Vehicle Tires * ContiTech One of Continental's main areas of expertise and technological leadership is Fuel Consumption Reduction, achieved through more efficient fuel injection systems, reduced rolling resistance tires and hybrid propulsion systems. Continental sells tires for automobiles, motorcycles, and bicycles worldwide under the Continental brand. It also produces and commercializes other brands on a regional level, such as General, Euzkadi, or Barum. Continental's customers include all major automobile, truck and bus producers, such as Volkswagen, Daimler AG, Ford, Volvo, Iveco, Schmitz, Koegel, Freightliner Trucks, BMW, General Motors, Toyota, Honda, Renault and Porsche. In 2001, Continental acquired a controlling interest in Temic, DaimlerChrysler's automotive-electronics business, which is now part of Continental Automotive Systems. The company also purchased German automotive rubber and plastics company Phoenix AG in 2004, and the automotive electronics unit of Motorola in 2006. Continental acquired Siemens VDO from Siemens AG in 2007. In Argentina, teamed-up with FATE in 1999 for the production of tires for cars, trucks and buses and exports to the rest of South America the production of the San Fernando plant. In 2007, the company began to construct a plant in Costa Rica to produce powertrain components for North America. The plant was to open in two phases and ultimately employ 550 workers. Takeover offer In August 2008, Continental agreed to be taken over by the family-owned auto parts manufacturer Schaeffler Group and a consortium of banks in a deal valuing the company at €12 billion. Schaeffler has however pledged to restrict its stake in the company to less than 50% for at least four years. Continental chief executive officer Manfred Wennemer, who had tried to preserve the independence of the company, in contrast to the chairman of the supervisory board, Hubertus von Grünberg, subsequently announced his resignation, stating that the "sneaky" move had been carried out "egotistically, high-handedly and irresponsibly". Dr. Karl-Thomas Neumann has succeeded Manfred Wennemer as chief executive officer of Continental on 1 September 2008. Continental Tire the Americas, LLC Continental Tire entered the North American Tire industry with its 1987 purchase of General Tire, forming Continental Tire of North America (CTNA). At the time, Continental was following other tire manufacturers, such as Bridgestone and Michelin, into the American tire market. The North American headquarters of the tire divisions are located in Lancaster County, South Carolina. The North American headquarters of the CAS division are located in Auburn Hills, Michigan, directly south of the Great Lakes Crossing mall. The company announced that effective 1 January 2006 it would implement massive cuts on retiree health care for retirees across the country. After a class action lawsuit, the company and United Steelworkers union, who represented the retirees, agreed to a settlement where the company would continue to fund benefits. Later that year, it announced it would cease tire production in Charlotte, North Carolina. and it would close its tire production plant in Mayfield, Kentucky, In 2011, CTNA announced that it would build a plant in Sumter, South Carolina. The plant will cost approximately $500 million and employ 1,600 workers by 2020. Automotive electrical-energy storage systems Continental was one of the companies bidding to work with GM to provide the battery pack for the Chevrolet Volt extended-range electric vehicle (E-REV). It is the primary contractor for a system utilizing Lithium-ion batteries from A123Systems. The company did not prevail in its bid and GM will assemble packs with cells purchased from Compact Power. See also *Continental Automotive Systems -- one of six divisions References External links * Category:Automotive companies of Germany Category:German brands Category:Tire manufacturers Category:Tyre manufacturers Category:Cycle parts manufacturers Category:Companies founded in 1871 Category:Companies of Germany